On July 23, 2019, the Supreme Court had ordered cancellation of the registration of the Amrapali Group under the Real Estate (Regulation and Development) Act
In what could come as a huge relief to homebuyers, as many as 33 housing projects with an investment of Rs 4,197 crore have been accorded final approval under the government’s Special Window for Affordable and Mid-Income Housing (SWAMIH) fund. This which will lead to the completion of 25,048 home units, finance minister Nirmala Sitharaman said on October 8.
“Special window for affordable and mid income housing fund (SWAMIH) is working at a fast pace to provide relief to homebuyers. As on 5.10.2020, 33 projects with investment of Rs 4,197 crore accorded final approval and will lead to completion of 25,048 home units,” the finance minister tweeted.
“Overall, 123 projects have been now sanctioned, including final approval to 33 projects, with an investment of Rs 12,079 crore that would target to provide relief to 81,308 homeowners,” she tweeted.
These projects are spread across a mix of markets. This includes large cities such as NCR, MMR, Bengaluru, Chennai, Pune and also Tier 2 locations including Karnal, Panipat, Lucknow, Surat, Dehradun, Kota, Nagpur, Jaipur, Nashik, Vizag, Chandigarh.
Also Read: Over 80 stressed housing projects to get funding of over Rs 8,700 crore under SWAMIH Fund
The alternative investment fund (AIF), was set up in November last year to provide last-mile funding for stalled real estate projects by the government. SBI CAP is the fund manager of SWAMIH Fund.
The fund was to help complete over 1,500 stalled housing projects, including those that have been declared NPAs (non-performing assets) or admitted for insolvency proceedings. The move is likely to help 4.58 lakh housing units across the country. Only RERA-registered projects with the positive net worth will be provided with funds.
Also Read: SBICAP-managed stressed fund approves 20 new proposals, clears investment worth Rs 1300 crore
A few months ago, the Fund decided to reduce the cost of capital to 12 percent and that has resulted in an increase in the number of projects that meet the funding criteria laid out under the Special Window.
Also Read: Amrapali case: SC directs SBICap to fund Rs 625 crore for six projects